Core Viewpoint - Lian Micro has developed the industry's first commercialized and mass-producible technology that integrates a gate length of 0.15um for power transistors, low-noise transistors, PN diodes, E/D logic, and RF switches into a single chip [1] Group 1: Technology Development - Lian Dongxin's technology features a 0.15um E-mode low-noise pHEMT and a 0.15um D-mode power pHEMT, achieving industry-leading performance for power amplifiers and low-noise amplifiers on the same chip [1] - The technology includes various GaAs pHEMT process technologies at 0.15um and 0.25um, as well as GaN HEMT process technologies [1] Group 2: Application Areas - The developed technology can be applied in satellite communication as well as ground communication terminal communications [1] - Chips for low Earth orbit satellite communication have already achieved mass shipments, while chips for ground communication terminals have passed customer validation [1]

Core Viewpoint - Lian Microelectronics (605358.SH) has successfully mass-produced automotive-grade VCSEL chips for laser radar applications in smart driving, becoming the first global manufacturer to achieve this milestone [1] Group 1: Product Development - Lian Microelectronics' VCSEL chip products are now utilized in laser radar for smart driving, humanoid robots, and lawnmowers, indicating a diverse application range [1] - The company has developed a 2D addressable high-power VCSEL technology, which is a significant advancement in the automotive radar sector [1] Group 2: Market Position - Lian Microelectronics is recognized as the first manufacturer to mass-produce automotive-grade laser radar VCSEL chips, highlighting its leadership in the industry [1] - The company currently does not have products for automotive 4D millimeter-wave radar, indicating a focused strategy on laser radar technology [1]

Core Viewpoint - Lian Micro (605358.SH) has successfully mass-produced automotive-grade VCSEL chips for laser radar applications in smart driving, becoming the first global manufacturer to achieve this milestone [1] Group 1: Product Development - Lian Micro's VCSEL chip products are utilized in laser radar for smart driving and have achieved large-scale shipments [1] - The company has developed a 2D addressable high-power VCSEL technology, which is a significant advancement in the automotive radar sector [1] Group 2: Market Position - Lian Micro is recognized as the first manufacturer globally to mass-produce automotive-grade laser radar VCSEL chips [1] - The company's products are also applied in various fields, including humanoid robots and lawn mowing robots, indicating a diverse application range [1] Group 3: Technology Comparison - The company distinguishes between 4D millimeter-wave radar and laser radar, noting that they differ in principles, performance, application scenarios, and costs [1] - Currently, Lian Micro does not have products applied in automotive 4D millimeter-wave radar technology [1]

Core Viewpoint - Lian Microelectronics (605358.SH) has successfully commercialized its pHEMT process, integrating multiple functionalities into a single chip for low Earth orbit satellite communication, achieving mass production and significant shipments [1] Group 1: Technology and Product Development - Lian Microelectronics' pHEMT technology allows for the integration of power transistors, low-noise transistors, PN diodes, E/D logic, and RF switches on a single chip with a gate length of 0.15um [1] - The company has successfully implemented this technology in the low Earth orbit satellite communication sector, with large-scale shipments of products including power amplifiers (PA), low-noise amplifiers (LNA), and RF switches (SW) [1] Group 2: Future Applications - Lian Microelectronics aims to apply its GaN RF chip technology in the satellite field as a future target [1]

Core Viewpoint - Lian Microelectronics (605358.SH) has successfully mass-produced automotive-grade VCSEL chips for laser radar applications in smart driving, becoming the first global manufacturer to achieve this milestone [1] Group 1: Product Development - Lian Microelectronics' VCSEL chip products are utilized in laser radar for smart driving and have achieved large-scale shipments [1] - The company has developed a two-dimensional addressable high-power VCSEL technology, which is a significant advancement in the automotive radar sector [1] Group 2: Market Applications - The VCSEL chips are applied in various fields, including smart driving, humanoid robots, and lawn mowing robots, showcasing the versatility of the technology [1] - The company currently does not have products for automotive 4D millimeter-wave radar, indicating a focus on laser radar technology [1]

Core Viewpoint - Lian Microelectronics (605358.SH) has successfully commercialized its pHEMT process, integrating multiple functionalities into a single chip for low Earth orbit satellite communication, achieving mass production and significant shipments [1] Group 1: Technology and Product Development - The pHEMT process developed by Lian Microelectronics can integrate power transistors, low-noise transistors, PN diodes, E/D logic, and RF switches on a single chip with a gate length of 0.15um [1] - The technology has been applied in the low Earth orbit satellite communication sector, with successful large-scale shipments of components including power amplifiers (PA), low-noise amplifiers (LNA), and RF switches (SW) [1] Group 2: Future Applications - Lian Microelectronics aims to expand the application of its GaN RF chip technology into the satellite field, indicating a strategic focus on enhancing its product offerings in this growing market [1]

Core Viewpoint - Lian Microelectronics (605358.SH) has successfully mass-produced automotive-grade VCSEL chips for laser radar applications in smart driving, becoming the first global manufacturer to achieve this milestone [1] Group 1: Product Development - Lian Microelectronics' VCSEL chip products are utilized in laser radar for smart driving and have achieved large-scale shipments [1] - The company has developed a 2D addressable high-power VCSEL technology, which is a significant advancement in the automotive sector [1] Group 2: Market Applications - The VCSEL chips are applied in various fields, including smart driving, humanoid robots, and lawn mowing robots [1] - The company currently does not have products for automotive 4D millimeter-wave radar applications, indicating a focus on laser radar technology [1]

Group 1 - The company has decided to extend the completion date of the "Annual Production of 1.8 Million 12-inch Semiconductor Silicon Epitaxial Wafer Project" to December 2027 due to market conditions and demand fluctuations [3][6][8] - The company raised a total of RMB 339 million through the issuance of convertible bonds, with a net amount of RMB 337.81 million after deducting issuance costs [1][2] - As of December 31, 2025, the cumulative investment from the raised funds amounted to RMB 286.99 million, excluding issuance costs [2] Group 2 - The project was initially delayed to May 2026 due to weak market conditions affecting the semiconductor industry, leading to underutilization of existing production capacity [3][5] - The construction of the new epitaxial workshop has reached the roofing stage and is expected to be completed by August 2026, followed by equipment installation and debugging [6][7] - The company has observed a recovery in the semiconductor silicon wafer industry since Q1 2025, with increased demand for high-end power devices, prompting a faster project construction pace [7] Group 3 - The board of directors approved the project delay during a meeting on January 9, 2026, and the decision followed necessary procedures [9][42] - The company has implemented a prudent investment strategy to protect shareholder interests and mitigate investment risks [5][8] - The company will continue to monitor market conditions and adjust the project implementation pace accordingly to ensure efficient use of raised funds [7][8]

Core Viewpoint - The announcements from the company reveal the completion of the 6-inch silicon polishing wafer project and the second delay of the 12-inch semiconductor silicon epitaxial wafer project, highlighting challenges in the semiconductor industry and adjustments in project timelines. Group 1: 6-inch Silicon Polishing Wafer Project - The 6-inch silicon polishing wafer project has officially completed as of January 9, 2026, with a total investment of 124,739.68 million yuan against a promised amount of 125,000 million yuan, resulting in a surplus of 1,840.24 million yuan [2] - The surplus funds will be fully allocated to the 12-inch semiconductor silicon epitaxial wafer project, as the surplus is below 5% of the committed investment, thus not requiring board approval [2] Group 2: 12-inch Semiconductor Silicon Epitaxial Wafer Project - The timeline for the 12-inch semiconductor silicon epitaxial wafer project has been postponed from May 2026 to December 2027, marking the second delay after an initial postponement from April 2024 [3] - The project has a planned investment of 113,000 million yuan, with 62,263.61 million yuan already invested, reflecting a progress rate of 55.10% as of December 31, 2025 [3] - The delay is attributed to the downturn in the semiconductor silicon wafer industry, leading to underutilization of existing capacity and increased profitability pressure, prompting the company to slow down construction and equipment procurement [3] Group 3: Industry Environment and Future Outlook - Since the first quarter of 2025, the semiconductor silicon wafer industry has seen a recovery in demand, with significant increases in order volumes and shipment quantities, particularly for high-end power devices [4] - The company has accelerated the construction pace of its projects since the second half of 2025 and plans to adjust the construction schedule dynamically based on market conditions [4]

Core Viewpoint - Lianang Micro announced the completion of its "annual production of 6 million pieces of 6-inch integrated circuit silicon wafers project" and will transfer the surplus raised funds of 18.4024 million yuan (including interest) to the ongoing "annual production of 1.8 million pieces of 12-inch semiconductor silicon epitaxial wafer project" without requiring board approval [2] Group 1 - The company has completed its 6-inch silicon wafer project, which indicates progress in its production capabilities [2] - The surplus funds from the completed project will be redirected to support the development of the 12-inch silicon epitaxial wafer project, highlighting a strategic allocation of resources [2] - The transfer of funds does not require board approval, suggesting streamlined decision-making processes within the company [2]